Ground-Level Medical Office
For Sale
$349,000
2223 W BELMONT Avenue, Chicago, IL 60618
Existing treatment rooms, reception areas, and administrative space support a professional healthcare layout.
Property Size1,256 SF
Days on Market33
Property Features for 2223 W BELMONT Avenue
General Information
Standard status
Active
Size
1,256 SF
Property subtype
Commercial
Zoning
COMMR
Additional Details
Floor
Ground Level
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$10,447
Building Details
Building Size
1,256 SF
Year Built
2007
Stories
4
Units
1
Listing Agency:
Baird & Warner
(312) 265-8000
Listed By:
Vincent Anzalone · License #475167321
Source:
Jjillrealtygroup
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 29 at 10:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Baird & Warner
Investment Insights
Based on property information with market context.
This 1,256-square-foot medical office condominium at 2223 W Belmont Ave provides a ground-level professional setting with a reception and waiting area, private treatment rooms, administrative workspace, storage, and restrooms. The space includes 12-foot ceilings and existing office infrastructure, with a configuration suited to medical, dental, wellness, or other professional-service operations. Built in 2007, the property is currently arranged as a functioning medical office.
The condominium has frontage along Belmont Avenue and access to public transportation. Its Chicago location places it near Roscoe Village, Lakeview, and North Center, with neighborhood businesses, restaurants, and surrounding residential areas nearby. The unit may be acquired on its own or together with the neighboring commercial condominium at 2219 W Belmont.
The condominium has frontage along Belmont Avenue and access to public transportation. Its Chicago location places it near Roscoe Village, Lakeview, and North Center, with neighborhood businesses, restaurants, and surrounding residential areas nearby. The unit may be acquired on its own or together with the neighboring commercial condominium at 2219 W Belmont.
Key Highlights
- 1,256 SF medical office condominium with ground‑level access
- 12‑foot ceilings and existing medical‑office infrastructure
- Reception and waiting area, private treatment rooms, administrative space, storage, and restrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,831
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.97%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$556,620
$556.6K
Cap Rate 7%
$397,586
$397.6K
Cap Rate 9%
$309,233
$309.2K
Market Conditions
NOI Build-Up for 1,256 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$48.4K $38.52/SF
− Vacancy
−$11.3K −$8.98/SF
EGI
$37.1K $29.54/SF
− OpEx
−$9.3K −$7.39/SF
NOI
$27.8K $22.16/SF
Area
ZIP 60618
Vacancy
23.30%
Lease Rate
$38.52 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$556,620
Cap Rate 7%
$397,586
Cap Rate 9%
$309,233
Alternative Uses
Best Use
Office B
$397.6K
$347.9K – $463.9K
NOI $27,831 @ 7.0% cap · market cap 7.97%
Second Best
Healthcare Medical
$237.7K
$208.0K – $277.3K
NOI $16,639 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$548.8K
$480.2K – $640.2K
NOI $38,414 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,301
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 60618, IL
90,316
Population
41,053
Households
2.2
Avg Household Size
35
Median Age
55%
College-Educated
89%
High-School Grad
5.0 sq mi
ZIP Area
18,063
Density / Sq Mi
$101,558
Median Household Income
$60,263
Median Earnings
$1,534
Median Rent
$538,300
Median Home Value
Market
Vacancy Rate% for Office in Chicago, IL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Existing treatment rooms, reception areas, and administrative space support a professional healthcare layout.
Where is this medical office space located?
The property is located at 2223 W BELMONT Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 1,256 SF medical office condominium with ground‑level access; 12‑foot ceilings and existing medical‑office infrastructure; Reception and waiting area, private treatment rooms, administrative space, storage, and restrooms
